UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07489
OPPENHEIMER INTERNATIONAL GROWTH FUND
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
ROBERT G. ZACK, ESQ.
OPPENHEIMERFUNDS, INC.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: NOVEMBER
Date of reporting period: 05/31/2006
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN GEOGRAPHICAL HOLDINGS
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United Kingdom 17.6%
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Japan 17.3
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France 11.2
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Switzerland 7.9
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Germany 6.8
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United States 5.7
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The Netherlands 4.1
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Sweden 3.4
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Denmark 3.2
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Italy 3.1
Portfolio holdings and allocations are subject to change. Percentages are as of
May 31, 2006, and are based on the total market value of investments.
TOP TEN COMMON STOCK HOLDINGS
- --------------------------------------------------------------------------------
ABB Ltd. 2.4%
- --------------------------------------------------------------------------------
Continental AG 2.3
- --------------------------------------------------------------------------------
William Demant Holding AS 2.1
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Telefonaktiebolaget LM Ericsson, B Shares 2.0
- --------------------------------------------------------------------------------
Aalberts Industries NV 1.9
- --------------------------------------------------------------------------------
Mitsubishi UFJ Financial Group, Inc. 1.9
- --------------------------------------------------------------------------------
Anglo Irish Bank Corp. 1.9
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Technip SA 1.8
- --------------------------------------------------------------------------------
Collins Stewart Tullett plc 1.7
- --------------------------------------------------------------------------------
Capita Group plc 1.6
Portfolio holdings and allocations are subject to change. Percentages are as of
May 31, 2006, and are based on net assets. For up-to-date Top 10 Fund holdings,
please visit www.oppenheimerfunds.com.
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10 | OPPENHEIMER INTERNATIONAL GROWTH FUND
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REGIONAL ALLOCATION
Europe 62.9%
Asia 25.0
United States/Canada 6.0
Latin America 3.4
Middle East/Africa 2.7
Portfolio holdings and allocations are subject to change. Percentages are as of
May 31, 2006, and are based on the total market value of investments.
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11 | OPPENHEIMER INTERNATIONAL GROWTH FUND
NOTES
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
Investors should consider the Fund's investment objectives, risks, and other
charges and expenses carefully before investing. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 3/25/96. Unless
otherwise noted, Class A returns include the maximum initial sales charge of
5.75%.
CLASS B shares of the Fund were first publicly offered on 3/25/96. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year), and 2% (5-year). Because Class B shares convert to
Class A shares 72 months after purchase, the 10-year return for Class B uses
Class A performance for the period after conversion. Class B shares are subject
to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 3/25/96. Unless
otherwise noted, Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares
are offered only through retirement plans. Unless otherwise noted, Class N
returns include the contingent deferred sales charge of 1% for the 1-year
period. Class N shares are subject to an annual 0.25% asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 9/7/05. Class Y shares
are offered only to certain institutional investors under special agreement with
the distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
12 | OPPENHEIMER INTERNATIONAL GROWTH FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended May 31, 2006.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line for the class of shares you hold, together with the amount you invested, to
estimate the expense that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00
= 8.60), then multiply the result by the number in the "actual" line under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio for each class of shares, and
an assumed rate of return of 5% per year before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), redemption fees, or a $12.00 fee
imposed annually on accounts valued at less than $500.00 (subject to
13 | OPPENHEIMER INTERNATIONAL GROWTH FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
exceptions described in the Statement of Additional Information). Therefore, the
"hypothetical" lines of the table are useful in comparing ongoing costs only,
and will not help you determine the relative total costs of owning different
funds. In addition, if these transactional costs were included, your costs would
have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(12/1/05) (5/31/06) MAY 31, 2006
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,144.20 $ 6.92
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,018.50 6.51
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,140.20 11.15
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,014.56 10.50
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,140.20 10.88
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,014.81 10.25
- --------------------------------------------------------------------------------
Class N Actual 1,000.00 1,142.60 8.79
- --------------------------------------------------------------------------------
Class N Hypothetical 1,000.00 1,016.75 8.28
- --------------------------------------------------------------------------------
Class Y Actual 1,000.00 1,146.90 4.18
- --------------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,021.04 3.94
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 182/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended May 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- --------------------------
Class A 1.29%
- --------------------------
Class B 2.08
- --------------------------
Class C 2.03
- --------------------------
Class N 1.64
- --------------------------
Class Y 0.78
The expense ratios reflect voluntary waivers or reimbursements of expenses by
the Fund's Transfer Agent that can be terminated at any time, without advance
notice. The "Financial Highlights" tables in the Fund's financial statements,
included in this report, also show the gross expense ratios, without such
waivers or reimbursements.
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14 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENT OF INVESTMENTS May 31, 2006 / Unaudited
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--97.8%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--19.2%
- --------------------------------------------------------------------------------
AUTO COMPONENTS--2.3%
Continental AG 325,008 $ 35,524,324
- --------------------------------------------------------------------------------
AUTOMOBILES--2.8%
Bayerische Motoren
Werke AG 226,936 11,684,122
- --------------------------------------------------------------------------------
Honda Motor Co. 176,173 11,636,401
- --------------------------------------------------------------------------------
Porsche AG,
Preference 4,103 3,955,210
- --------------------------------------------------------------------------------
Toyota Motor Corp. 281,165 15,074,545
----------------
42,350,278
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--1.2%
Carnival Corp. 238,060 9,500,975
- --------------------------------------------------------------------------------
William Hill plc 784,498 9,030,119
----------------
18,531,094
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--2.5%
Daito Trust
Construction
Co. Ltd. 166,087 9,063,480
- --------------------------------------------------------------------------------
Groupe SEB SA 1 101,781 11,392,325
- --------------------------------------------------------------------------------
Koninklijke (Royal)
Philips Electronics
NV 224,110 7,047,231
- --------------------------------------------------------------------------------
Sony Corp. 236,245 10,660,332
----------------
38,163,368
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.7%
GS Home Shopping,
Inc. 65,538 4,980,428
- --------------------------------------------------------------------------------
GUS plc 310,372 5,369,055
----------------
10,349,483
- --------------------------------------------------------------------------------
MEDIA--3.8%
British Sky Broadcasting
Group plc 460,257 4,574,854
- --------------------------------------------------------------------------------
Gestevision Telecinco
SA 129,751 3,127,391
- --------------------------------------------------------------------------------
Grupo Televisa SA,
Sponsored GDR 574,640 10,567,630
- --------------------------------------------------------------------------------
Mediaset SpA 818,625 9,493,281
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA Continued
News Corp., Inc.,
Cl. B 156,939 $ 3,058,089
- --------------------------------------------------------------------------------
Publishing &
Broadcasting Ltd. 264,438 3,707,800
- --------------------------------------------------------------------------------
Societe Television
Francaise 1 176,236 5,824,098
- --------------------------------------------------------------------------------
Vivendi SA 241,217 8,651,543
- --------------------------------------------------------------------------------
Zee Telefilms Ltd. 1,742,300 8,731,254
----------------
57,735,940
- --------------------------------------------------------------------------------
MULTILINE RETAIL--0.7%
Next plc 363,288 11,040,227
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--2.0%
DSG International
plc 451,604 1,644,784
- --------------------------------------------------------------------------------
Hennes & Mauritz AB,
B Shares 517,085 18,707,489
- --------------------------------------------------------------------------------
Industria de Diseno
Textil SA 237,140 9,401,732
----------------
29,754,005
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--3.2%
Burberry Group plc 103,229 843,639
- --------------------------------------------------------------------------------
Compagnie Financiere
Richemont AG,
A Shares 179,227 8,368,976
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Luxottica Group
SpA 585,050 15,908,202
- --------------------------------------------------------------------------------
Puma AG 40,061 14,674,318
- --------------------------------------------------------------------------------
Swatch Group AG
(The), Cl. B 1 54,284 8,807,145
----------------
48,602,280
- --------------------------------------------------------------------------------
CONSUMER STAPLES--4.9%
- --------------------------------------------------------------------------------
BEVERAGES--2.2%
Carlsberg AS, Cl. B 118,300 8,282,748
- --------------------------------------------------------------------------------
Foster's Group Ltd. 689,188 2,776,280
- --------------------------------------------------------------------------------
Heineken NV 179,395 7,169,823
- --------------------------------------------------------------------------------
Pernod-Ricard SA 77,132 15,052,798
----------------
33,281,649
15 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--0.5%
Carrefour SA 42,680 $ 2,474,718
- --------------------------------------------------------------------------------
William Morrison
Supermarkets plc 730,826 2,675,404
- --------------------------------------------------------------------------------
Woolworths Ltd. 200,742 2,809,122
----------------
7,959,244
- --------------------------------------------------------------------------------
FOOD PRODUCTS--1.1%
Cadbury Schweppes
plc 625,709 5,985,378
- --------------------------------------------------------------------------------
Koninklijke Numico
NV 95,915 4,258,656
- --------------------------------------------------------------------------------
Nestle SA 22,349 6,666,827
----------------
16,910,861
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--1.1%
L'Oreal SA 143,313 12,827,285
- --------------------------------------------------------------------------------
Safilo SpA 2 757,700 3,699,176
----------------
16,526,461
- --------------------------------------------------------------------------------
ENERGY--5.5%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--1.8%
Technip SA 456,312 27,311,733
- --------------------------------------------------------------------------------
OIL & GAS--3.7%
BG Group plc 922,447 12,335,315
- --------------------------------------------------------------------------------
BP plc, ADR 209,495 14,811,297
- --------------------------------------------------------------------------------
Neste Oil Oyj 96,100 3,249,772
- --------------------------------------------------------------------------------
Total SA 300,884 19,641,112
- --------------------------------------------------------------------------------
Tsakos Energy Navigation
Ltd. 165,075 6,084,665
----------------
56,122,161
- --------------------------------------------------------------------------------
FINANCIALS--18.4%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--2.9%
3i Group plc 815,140 13,529,263
- --------------------------------------------------------------------------------
Credit Suisse Group 124,243 7,172,865
- --------------------------------------------------------------------------------
Mediobanca SpA 348,930 7,033,148
- --------------------------------------------------------------------------------
MLP AG 1 209,460 4,664,806
- --------------------------------------------------------------------------------
UBS AG 102,277 11,566,017
----------------
43,966,099
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--9.2%
Anglo Irish
Bank Corp. 1,812,868 $ 28,224,431
- --------------------------------------------------------------------------------
Commerzbank AG 239,496 8,973,428
- --------------------------------------------------------------------------------
ICICI Bank Ltd.,
Sponsored ADR 518,690 13,797,154
- --------------------------------------------------------------------------------
Joyo Bank Ltd. (The) 1,681,600 9,934,160
- --------------------------------------------------------------------------------
Mitsubishi UFJ
Financial Group, Inc. 2,139 29,406,603
- --------------------------------------------------------------------------------
Royal Bank of
Scotland Group
plc (The) 682,573 22,006,954
- --------------------------------------------------------------------------------
Societe Generale,
Cl. A 1,2 102,766 15,828,387
- --------------------------------------------------------------------------------
UniCredito Italiano
SpA 3 1,046,185 7,976,423
- --------------------------------------------------------------------------------
UniCredito Italiano
SpA 3 563,095 4,285,987
----------------
140,433,527
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--1.7%
Collins Stewart
Tullett plc 1,973,212 26,495,478
- --------------------------------------------------------------------------------
INSURANCE--1.6%
Allianz AG 68,033 10,517,916
- --------------------------------------------------------------------------------
AMP Ltd. 1,132,658 7,488,920
- --------------------------------------------------------------------------------
Prudential plc 639,500 7,014,526
----------------
25,021,362
- --------------------------------------------------------------------------------
REAL ESTATE--2.5%
Solidere, GDR 2 74,732 1,636,631
- --------------------------------------------------------------------------------
Solidere, GDR 2,4 785,925 17,211,758
- --------------------------------------------------------------------------------
Sumitomo Realty &
Development
Co. Ltd. 762,700 18,705,350
----------------
37,553,739
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--0.5%
Housing Development
Finance Corp. Ltd. 277,800 6,740,572
- --------------------------------------------------------------------------------
HEALTH CARE--11.2%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--1.7%
Marshall Edwards,
Inc. 2,5 1,717,263 5,392,206
16 | OPPENHEIMER INTERNATIONAL GROWTH FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
NicOx SA 2 1,396,391 $ 21,024,595
----------------
26,416,801
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--4.5%
Art Advanced
Research Technologies,
Inc. 2,5,6 1,901,125 1,121,862
- --------------------------------------------------------------------------------
Art Advanced
Research Technologies,
Inc. 2,4,6 1,721,500 1,015,865
- --------------------------------------------------------------------------------
Essilor International
SA 120,033 12,081,743
- --------------------------------------------------------------------------------
Ortivus AB, Cl. B 2,6 1,092,100 4,487,461
- --------------------------------------------------------------------------------
Synthes, Inc. 57,692 7,063,843
- --------------------------------------------------------------------------------
Terumo Corp. 297,080 10,532,224
- --------------------------------------------------------------------------------
William Demant
Holding AS 2 420,905 31,711,426
----------------
68,014,424
- --------------------------------------------------------------------------------
PHARMACEUTICALS--5.0%
Astellas Pharma, Inc. 113,705 4,512,013
- --------------------------------------------------------------------------------
GlaxoSmithKline plc 146,293 4,049,103
- --------------------------------------------------------------------------------
H. Lundbeck AS 101,595 2,234,315
- --------------------------------------------------------------------------------
NeuroSearch AS 2 238,925 7,471,281
- --------------------------------------------------------------------------------
Novogen Ltd. 2,6 6,618,140 13,393,920
- --------------------------------------------------------------------------------
Oxagen Ltd. 2,5 214,287 17,541
- --------------------------------------------------------------------------------
Roche Holdings AG 54,198 8,437,373
- --------------------------------------------------------------------------------
Sanofi-Aventis SA 152,537 14,376,085
- --------------------------------------------------------------------------------
Shionogi & Co. Ltd. 363,200 6,588,867
- --------------------------------------------------------------------------------
SkyePharma plc 2 4,212,048 2,894,838
- --------------------------------------------------------------------------------
Takeda Pharmaceutical
Co. Ltd. 159,750 10,393,660
- --------------------------------------------------------------------------------
Teva Pharmaceutical
Industries Ltd.,
Sponsored ADR 73,270 2,667,761
----------------
77,036,757
- --------------------------------------------------------------------------------
INDUSTRIALS--15.6%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.7%
Empresa Brasileira de
Aeronautica SA,
Preference 2,342,446 19,448,633
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Qinetiq plc 2 1,997,800 $ 6,370,154
----------------
25,818,787
- --------------------------------------------------------------------------------
AIRLINES--0.8%
easyJet plc 2 1,913,838 12,491,200
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--3.3%
BTG plc 2 2,271,581 7,944,076
- --------------------------------------------------------------------------------
Capita Group plc 2,920,518 24,892,020
- --------------------------------------------------------------------------------
Prosegur Compania
de Seguridad SA 470,324 11,746,047
- --------------------------------------------------------------------------------
Randstad Holding
NV 1 76,153 4,683,936
----------------
49,266,079
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--1.1%
Koninklijke Boskalis
Westminster NV 73,426 5,080,733
- --------------------------------------------------------------------------------
Leighton Holdings
Ltd. 405,558 5,297,019
- --------------------------------------------------------------------------------
Vinci SA 68,294 6,274,577
----------------
16,652,329
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--3.5%
ABB Ltd. 2,911,490 36,795,327
- --------------------------------------------------------------------------------
Ceres Power
Holdings plc 2 854,560 4,261,453
- --------------------------------------------------------------------------------
Ushio, Inc. 573,350 12,270,742
----------------
53,327,522
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--2.7%
Aalberts Industries
NV 399,930 29,646,272
- --------------------------------------------------------------------------------
Siemens AG 136,724 11,713,694
----------------
41,359,966
- --------------------------------------------------------------------------------
MACHINERY--1.2%
Hyundai Heavy
Industries Co. Ltd. 98,285 10,018,369
- --------------------------------------------------------------------------------
Takeuchi Mfg.
Co. Ltd. 187,329 8,360,766
----------------
18,379,135
17 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--1.3%
Bunzl plc 1,027,062 $ 11,783,785
- --------------------------------------------------------------------------------
Wolseley plc 359,710 8,381,932
----------------
20,165,717
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--15.2%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--3.5%
Nokia Oyj 345,425 7,396,273
- --------------------------------------------------------------------------------
Tandberg ASA 1,788,005 15,293,583
- --------------------------------------------------------------------------------
Telefonaktiebolaget
LM Ericsson,
B Shares 9,498,330 30,355,759
----------------
53,045,615
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.2%
Benq Corp. 10,574,000 7,789,805
- --------------------------------------------------------------------------------
Logitech International
SA 2 259,063 10,481,150
----------------
18,270,955
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--4.3%
Electrocomponents
plc 260,741 1,234,902
- --------------------------------------------------------------------------------
Hoya Corp. 439,075 16,935,126
- --------------------------------------------------------------------------------
Keyence Corp. 43,874 11,253,820
- --------------------------------------------------------------------------------
NEOMAX Co. Ltd. 372,815 7,988,627
- --------------------------------------------------------------------------------
Nidec Corp. 177,985 13,430,291
- --------------------------------------------------------------------------------
Nippon Electric Glass
Co. Ltd. 265,650 5,782,953
- --------------------------------------------------------------------------------
Omron Corp. 332,518 9,086,059
----------------
65,711,778
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--0.6%
United Internet AG 2 92,212 5,163,588
- --------------------------------------------------------------------------------
Yahoo Japan Corp. 7,527 3,997,232
----------------
9,160,820
- --------------------------------------------------------------------------------
IT SERVICES--0.9%
Infosys Technologies
Ltd. 227,039 14,267,346
- --------------------------------------------------------------------------------
OFFICE ELECTRONICS--1.2%
Canon, Inc. 253,240 17,646,139
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.9%
ASM International
NV 2 420,995 $ 7,169,545
- --------------------------------------------------------------------------------
Samsung Electronics
Co. 10,362 6,665,984
----------------
13,835,529
- --------------------------------------------------------------------------------
SOFTWARE--2.6%
Autonomy Corp.
plc 2 1,498,842 11,520,498
- --------------------------------------------------------------------------------
Business Objects SA 2 119,602 3,508,060
- --------------------------------------------------------------------------------
Enix Corp. 201,220 4,299,828
- --------------------------------------------------------------------------------
Nintendo Co. Ltd. 75,525 12,851,874
- --------------------------------------------------------------------------------
Sage Group plc
(The) 1,775,930 7,696,959
----------------
39,877,219
- --------------------------------------------------------------------------------
MATERIALS--5.5%
- --------------------------------------------------------------------------------
CHEMICALS--2.1%
Filtrona plc 1,382,232 7,987,539
- --------------------------------------------------------------------------------
Nufarm Ltd. 715,746 5,761,853
- --------------------------------------------------------------------------------
Sika AG 2 9,828 11,049,493
- --------------------------------------------------------------------------------
Syngenta AG 2 51,708 7,107,702
----------------
31,906,587
- --------------------------------------------------------------------------------
METALS & MINING--3.4%
Companhia Vale
do Rio Doce,
Sponsored ADR 423,500 16,520,735
- --------------------------------------------------------------------------------
Impala Platinum
Holdings Ltd. 120,015 20,349,777
- --------------------------------------------------------------------------------
Rio Tinto plc 273,552 15,158,112
----------------
52,028,624
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--1.7%
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--1.7%
KDDI Corp. 1,723 10,899,144
- --------------------------------------------------------------------------------
SK Telecom Co.
Ltd., ADR 129,954 3,391,799
- --------------------------------------------------------------------------------
Vodafone Group plc 5,128,200 11,796,241
----------------
26,087,184
18 | OPPENHEIMER INTERNATIONAL GROWTH FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
UTILITIES--0.6%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.6%
Fortum Oyj 402,580 $ 9,992,279
----------------
Total Common Stocks
(Cost $1,021,065,617) 1,491,132,677
- --------------------------------------------------------------------------------
PREFERRED STOCKS--0.6%
- --------------------------------------------------------------------------------
Art Advanced Research
Technologies, Inc.:
Preference 2,6 3,124,013 1,843,494
Series 2, Preference 2,6 976,420 576,190
- --------------------------------------------------------------------------------
Ceres Group, Inc.:
$4.00 Cv., Series D 2,5 64,547 419,556
Cv., Series C 2,5 600,000 3,900,000
Cv., Series D 2,5 459,800 2,988,700
----------------
Total Preferred Stocks
(Cost $9,320,291) 9,727,940
UNITS
- --------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- --------------------------------------------------------------------------------
Arkema Rts., Exp.
6/26/06 2
(Cost $198,046) 75,221 266,994
PRINCIPAL
AMOUNT
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--1.6%
- --------------------------------------------------------------------------------
Undivided interest of 5.96% in joint repurchase
agreement (Principal Amount/Value $400,157,000,
with a maturity value of $400,211,132) with
Cantor Fitzgerald & Co./Cantor Fitzgerald
Securities, 4.87%, dated 5/31/06, to be
repurchased at $23,855,227 on 6/1/06,
collateralized by U.S. Treasury Bonds,
6.25%-8.125%, 11/15/16-8/15/23,
with a value of
$408,510,581
(Cost $23,852,000) $ 23,852,000 23,852,000
PRINICIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED--2.9%
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--2.9%
Undivided interest of 0.61% in joint
repurchase agreement (Principal
Amount/Value $4,100,000,000,
with a maturity value of
$4,100,575,139) with
Nomura Securities, 5.05%,
dated 5/31/06, to be
repurchased at $25,003,507
on 6/1/06, collateralized
by U.S. Agency Mortgages,
0.00%--8.67%,
12/1/08--3/1/44,
with a value of
$4,182,000,000 7 $ 25,000,000 $ 25,000,000
- --------------------------------------------------------------------------------
Undivided interest of 1.84% in joint repurchase
agreement (Principal Amount/Value
$1,000,000,000, with a maturity value of
$1,000,141,181) with Bank of America NA,
5.0825%, dated 5/31/06, to be repurchased
at $18,383,116 on 6/1/06, collateralized
by U.S. Agency Mortgages, 5%,
10/1/35, with a value of
$1,020,000,001 7 18,380,521 18,380,521
----------------
Total Investments Purchased
with Cash Collateral from
Securities Loaned
(Cost $43,380,521) 43,380,521
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $1,097,816,475) 102.9% 1,568,360,132
- --------------------------------------------------------------------------------
LIABILITIES IN EXCESS
OF OTHER ASSETS (2.9) (43,857,530)
--------------------------------
NET ASSETS 100.0% $ 1,524,502,602
================================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Partial or fully-loaned security. See Note 7 of accompanying Notes.
2. Non-income producing security.
3. The Fund holds securities which have been issued by the same entity and that
trade on separate exchanges.
4. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $18,227,623 or 1.20% of the Fund's net
assets as of May 31, 2006.
5. Illiquid or restricted security. The aggregate value of illiquid or
restricted securities as of May 31, 2006 was $13,839,865, which represents 0.91%
of the Funds's net assets, all of which is considered restricted. See Note 6 of
accompanying Notes.
19 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
6. Represents ownership of at least 5% of the voting securities of the issuer,
and is or was an affiliate, as defined in the Investment Company Act of 1940, at
or during the period ended May 31, 2006. Transactions during the period in which
the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES VALUE DIVIDEND
NOV. 30, 2005 ADDITIONS REDUCTIONS MAY 31, 2006 SEE NOTE 1 INCOME
- ----------------------------------------------------------------------------------------------------------------------
Art Advanced Research
Technologies, Inc. 1,901,125 -- -- 1,901,125 $ 1,121,862 $ --
Art Advanced Research
Technologies, Inc. 389,400 1,332,100 -- 1,721,500 1,015,865 --
Art Advanced Research
Technologies, Inc., Preference 3,096,218 27,795 -- 3,124,013 1,843,494 --
Art Advanced Research
Technologies, Inc., Series 2,
Preference -- 976,420 -- 976,420 576,190 --
Novogen Ltd. 6,204,740 413,400 -- 6,618,140 13,393,920 --
Ortivus AB, Cl. B 710,800 381,300 -- 1,092,100 4,487,461 --
-------------------------
$ 22,438,792 $ --
=========================
7. The security has been segregated to satisfy the forward commitment to return
the cash collateral received in securities lending transactions upon the
borrower's return of the securities loaned. See Note 7 of accompanying Notes.
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF
TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT
- ---------------------------------------------------------
United Kingdom $ 275,836,646 17.6%
Japan 271,310,236 17.3
France 176,536,053 11.2
Switzerland 123,516,718 7.9
Germany 106,871,406 6.8
United States 89,433,958 5.7
The Netherlands 65,056,196 4.1
Sweden 53,550,709 3.4
Denmark 49,699,770 3.2
Italy 48,396,217 3.1
Australia 44,293,003 2.8
India 43,536,326 2.8
Brazil 35,969,368 2.3
Ireland 28,224,431 1.8
Korea, Republic of South 25,056,580 1.6
Spain 24,275,170 1.5
Finland 20.638,324 1.3
South Africa 20,349,777 1.3
Lebanon 18,848,389 1.2
Norway 15,293,583 1.0
Mexico 10,567,630 0.7
Taiwan 7,789,805 0.5
Bermuda 6,084,665 0.4
Canada 4,557,411 0.3
Israel 2,667,761 0.2
----------------------------
Total $ 1,568,360,132 100.0%
============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
May 31, 2006
- ---------------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------------------
Investments, at value (including securities loaned of
approximately $41,101,039) --
see accompanying statement of investments:
Unaffiliated companies (cost $1,065,076,872) $ 1,545,921,340
Affiliated companies (cost $32,739,603) 22,438,792
----------------
1,568,360,132
- ---------------------------------------------------------------------------------------------------
Cash 4,999,946
- ---------------------------------------------------------------------------------------------------
Unrealized appreciation on foreign currency contracts 25,626
- ---------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest and dividends 4,222,011
Shares of beneficial interest sold 2,795,432
Investments sold 340,862
Other 41,593
----------------
Total assets 1,580,785,602
- ---------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 43,380,521
- ---------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 8,671,486
Shares of beneficial interest redeemed 2,942,468
Distribution and service plan fees 562,837
Transfer and shareholder servicing agent fees 284,833
Trustees' compensation 183,598
Shareholder communications 83,979
Other 173,278
----------------
Total liabilities 56,283,000
- ---------------------------------------------------------------------------------------------------
NET ASSETS $ 1,524,502,602
================
- ---------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------------
Paid-in capital $ 1,356,884,666
- ---------------------------------------------------------------------------------------------------
Accumulated net investment loss (8,860,812)
- ---------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments and foreign currency transactions (294,164,177)
- ---------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets
and liabilities denominated in foreign currencies 470,642,925
----------------
NET ASSETS $ 1,524,502,602
================
21 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ---------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$914,956,669 and 38,896,208 shares of beneficial interest outstanding) $ 23.52
Maximum offering price per share (net asset value plus sales charge of 5.75%
of offering price) $ 24.95
- ---------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $169,825,925
and 7,565,204 shares of beneficial interest outstanding) $ 22.45
- ---------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $187,046,311
and 8,327,639 shares of beneficial interest outstanding) $ 22.46
- ---------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $43,991,348
and 1,896,235 shares of beneficial interest outstanding) $ 23.20
- ---------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $208,682,349 and 8,880,282 shares of beneficial interest outstanding) $ 23.50
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended May 31, 2006
- ---------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ---------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $1,455,839) $ 14,357,926
- ---------------------------------------------------------------------------------------------------
Interest 497,294
----------------
Total investment income 14,855,220
- ---------------------------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------------------------
Management fees 5,060,302
- ---------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,088,743
Class B 863,868
Class C 905,206
Class N 104,303
- ---------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,080,889
Class B 221,855
Class C 208,125
Class N 79,016
Class Y 5,286
- ---------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 80,860
Class B 37,725
Class C 23,106
Class N 2,837
Class Y 748
- ---------------------------------------------------------------------------------------------------
Custodian fees and expenses 162,256
- ---------------------------------------------------------------------------------------------------
Trustees' compensation 19,470
- ---------------------------------------------------------------------------------------------------
Other 47,440
----------------
Total expenses 9,992,035
Less waivers and reimbursements of expenses (5,485)
----------------
Net expenses 9,986,550
- ---------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 4,868,670
23 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- ---------------------------------------------------------------------------------------------------
Net realized gain on:
Investments $ 14,433,354
Foreign currency transactions 1,395,439
----------------
Net realized gain 15,828,793
- ---------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 78,429,971
Translation of assets and liabilities denominated in foreign currencies 60,515,378
----------------
Net change in unrealized appreciation 138,945,349
- ---------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 159,642,812
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24 | OPPENHEIMER INTERNATIONAL GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MAY 31, 2006 NOVEMBER 30,
(UNAUDITED) 2005
- -----------------------------------------------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------------------------------------------
Net investment income $ 4,868,670 $ 3,140,881
- -----------------------------------------------------------------------------------------------------------------------
Net realized gain 15,828,793 70,324,013
- -----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 138,945,349 67,940,472
------------------------------------
Net increase in net assets resulting from operations 159,642,812 141,405,366
- -----------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (5,755,811) (4,399,289)
Class B -- --
Class C (90,787) --
Class N (180,972) (132,170)
Class Y (125,384) --
- -----------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from beneficial interest transactions:
Class A 21,105,218 8,999,445
Class B (12,780,747) (27,375,157)
Class C 5,876,941 (4,967,085)
Class N 2,028,369 11,561
Class Y 204,156,675 6,636,879
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------------------------------------------
Total increase 373,876,314 120,179,550
- -----------------------------------------------------------------------------------------------------------------------
Beginning of period 1,150,626,288 1,030,446,738
------------------------------------
End of period (including accumulated net investment loss
of $8,860,812 and $7,576,528, respectively) $ 1,524,502,602 $ 1,150,626,288
====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
25 | OPPENHEIMER INTERNATIONAL GROWTH FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MAY 31, 2006 NOV. 30,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 20.70 $ 18.19 $ 15.72 $ 11.63 $ 14.96 $ 19.77
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .10 1 .10 1 .04 1 .01 .12 .06
Net realized and unrealized gain (loss) 2.87 2.53 2.63 4.19 (3.41) (3.93)
---------------------------------------------------------------------------
Total from investment operations 2.97 2.63 2.67 4.20 (3.29) (3.87)
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.15) (.12) (.20) (.11) (.04) --
Distributions from net realized gain -- -- -- -- -- (.94)
---------------------------------------------------------------------------
Total dividends and/or distributions to
shareholders (.15) (.12) (.20) (.11) (.04) (.94)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.52 $ 20.70 $ 18.19 $ 15.72 $ 11.63 $ 14.96
===========================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 14.42% 14.51% 17.18% 36.55% (22.04)% (20.58)%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $914,957 $787,600 $686,313 $528,363 $358,097 $535,615
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $889,050 $717,536 $598,265 $390,315 $512,319 $536,366
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.84% 0.52% 0.22% 0.18% 0.62% 0.62%
Total expenses 1.29% 1.49% 1.61% 1.88% 1.64% 1.42%
Expenses after payments and waivers and reduction
to custodian expenses 1.29% 1.41% 1.43% 1.42% 1.56% 1.42%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 5% 26% 37% 61% 46% 33%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
3. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26 | OPPENHEIMER INTERNATIONAL GROWTH FUND
SIX MONTHS YEAR
ENDED ENDED
MAY 31, 2006 NOV. 30,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.69 $ 17.33 $ 15.00 $ 11.10 $ 14.34 $ 19.14
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) -- 1,2 (.05) 1 (.09) 1 (.13) (.03) (.01)
Net realized and unrealized gain (loss) 2.76 2.41 2.51 4.06 (3.21) (3.85)
---------------------------------------------------------------------------
Total from investment operations 2.76 2.36 2.42 3.93 (3.24) (3.86)
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- (.09) (.03) -- --
Distributions from net realized gain -- -- -- -- -- (.94)
---------------------------------------------------------------------------
Total dividends and/or distributions to
shareholders -- -- (.09) (.03) -- (.94)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.45 $ 19.69 $ 17.33 $ 15.00 $ 11.10 $ 14.34
===========================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 14.02% 13.62% 16.25% 35.49% (22.59)% (21.23)%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $169,826 $160,347 $166,973 $174,959 $161,074 $230,085
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $173,543 $162,953 $167,441 $148,838 $200,304 $262,745
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) 0.01% (0.25)% (0.57)% (0.55)% (0.12)% (0.15)%
Total expenses 2.08% 2.19% 2.24% 2.48% 2.39% 2.17%
Expenses after payments and waivers and reduction
to custodian expenses 2.08% 2.19% 2.21% 2.19% 2.31% 2.17%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 5% 26% 37% 61% 46% 33%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
4. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27 | OPPENHEIMER INTERNATIONAL GROWTH FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MAY 31, 2006 NOV. 30,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.71 $ 17.34 $ 15.01 $ 11.12 $ 14.37 $ 19.16
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .01 1 (.04) 1 (.08) 1 (.08) (.01) -- 2
Net realized and unrealized gain (loss) 2.75 2.41 2.52 4.01 (3.24) (3.85)
---------------------------------------------------------------------------
Total from investment operations 2.76 2.37 2.44 3.93 (3.25) (3.85)
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.01) -- (.11) (.04) -- --
Distributions from net realized gain -- -- -- -- -- (.94)
---------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.01) -- (.11) (.04) -- (.94)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.46 $ 19.71 $ 17.34 $ 15.01 $ 11.12 $ 14.37
===========================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 14.02% 13.67% 16.34% 35.44% (22.62)% (21.16)%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $187,046 $158,968 $144,529 $116,659 $ 89,456 $114,084
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $181,785 $151,790 $131,125 $ 90,532 $106,551 $122,775
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) 0.10% (0.20)% (0.52)% (0.59)% (0.12)% (0.14)%
Total expenses 2.03% 2.13% 2.16% 2.38% 2.37% 2.17%
Expenses after payments and waivers and
reduction to custodian expenses 2.03% 2.13% 2.16% 2.22% 2.29% 2.17%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 5% 26% 37% 61% 46% 33%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
4. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28 | OPPENHEIMER INTERNATIONAL GROWTH FUND
SIX MONTHS YEAR
ENDED ENDED
MAY 31, 2006 NOV. 30,
CLASS N (UNAUDITED) 2005 2004 2003 2002 2001 1
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 20.40 $ 17.94 $ 15.51 $ 11.55 $ 14.93 $ 18.74
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .06 2 .05 2 -- 2,3 .02 .09 .01
Net realized and unrealized gain (loss) 2.84 2.49 2.60 4.08 (3.38) (3.82)
---------------------------------------------------------------------------
Total from investment operations 2.90 2.54 2.60 4.10 (3.29) (3.81)
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.10) (.08) (.17) (.14) (.09) --
Distributions from net realized gain -- -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.10) (.08) (.17) (.14) (.09) --
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.20 $ 20.40 $ 17.94 $ 15.51 $ 11.55 $ 14.93
===========================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 4 14.26% 14.19% 16.94% 36.01% (22.18)% (20.33)%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 43,991 $ 36,980 $ 32,631 $ 21,180 $ 11,833 $ 3,102
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 41,942 $ 33,383 $ 26,738 $ 14,722 $ 9,195 $ 1,152
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 5
Net investment income (loss) 0.50% 0.26% (0.02)% (0.16)% 0.19% 0.18%
Total expenses 1.67% 1.77% 1.77% 1.90% 1.80% 1.74%
Expenses after payments and waivers and
reduction to custodian expenses 1.64% 1.67% 1.66% 1.73% 1.72% 1.74%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 5% 26% 37% 61% 46% 33%
1. For the period from March 1, 2001 (inception of offering) to November 30,
2001.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Less than $0.005 per share.
4. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
5. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29 | OPPENHEIMER INTERNATIONAL GROWTH FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
MAY 31, 2006 NOV. 30,
CLASS Y (UNAUDITED) 2005 1
- --------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------
Net asset value, beginning of period $ 20.74 $ 20.71
- --------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 2 .30 .05
Net realized and unrealized gain (loss) 2.72 (.02)
-------------------------------
Total from investment operations 3.02 .03
- --------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.26) --
Distributions from net realized gain -- --
-------------------------------
Total dividends and/or distributions to shareholders (.26) --
- --------------------------------------------------------------------------------------
Net asset value, end of period $ 23.50 $ 20.74
===============================
- --------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 14.69% 0.15%
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 208,683 $ 6,731
- --------------------------------------------------------------------------------------
Average net assets (in thousands) $ 74,202 $ 2,071
- --------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 2.53% 0.98%
Total expenses 0.78% 0.85% 5
- --------------------------------------------------------------------------------------
Portfolio turnover rate 5% 26%
1. For the period from September 7, 2005 (inception of offering) to November 30,
2005.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30 | OPPENHEIMER INTERNATIONAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer International Growth Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. The Fund's investment objective is to seek long-term capital
appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the
Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge (CDSC). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, however, the institutional investor
may impose charges on those accounts. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. Class A, B, C and N have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares six
years after the date of purchase. The Fund assesses a 2% fee on the proceeds of
fund shares that are redeemed (either by selling or exchanging to another
Oppenheimer fund) within 30 days of their purchase. The fee, which is retained
by the Fund, is accounted for as an addition to paid-in capital.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges are valued based on the last sale
price of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ are valued based on the closing
price provided by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing "bid" and "asked"
prices, and if not, at the closing bid price. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal exchange.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked"
31 | OPPENHEIMER INTERNATIONAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
prices. Futures contracts traded on a commodities or futures exchange will be
valued at the final settlement price or official closing price on the principal
exchange as reported by such principal exchange at its trading session ending
at, or most recently prior to, the time when the Fund's assets are valued.
Securities (including restricted securities) for which market quotations are not
readily available are valued at their fair value. Foreign and domestic
securities whose values have been materially affected by what the Manager
identifies as a significant event occurring before the Fund's assets are valued
but after the close of their respective exchanges will be fair valued. Fair
value is determined in good faith using consistently applied procedures under
the supervision of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. The values of securities denominated in foreign currencies and
amounts related to the purchase and sale of foreign securities and foreign
investment income are translated into U.S. dollars as of the close of the New
York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each
day the Exchange is open for business. Foreign exchange rates may be valued
primarily using dealer supplied valuations or a portfolio pricing service
authorized by the Board of Trustees.
Reported net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
values of assets and liabilities, including investments in securities at fiscal
period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund, along with other affiliated funds
advised by the Manager, may transfer uninvested cash balances into joint trading
accounts on a daily basis. These balances are invested in one or more repurchase
agreements. Securities pledged as collateral for repurchase agreements are held
by a custodian bank until the agreements mature. Each agreement requires that
the market value of the collateral be sufficient to cover payments of interest
and principal. In the event of default by the other party to the agreement,
retention of the collateral may be subject to legal proceedings.
32 | OPPENHEIMER INTERNATIONAL GROWTH FUND
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
As of May 31, 2006, the Fund had available for federal income tax purposes
an estimated capital loss carryforward of $283,830,342 expiring by 2014. This
estimated capital loss carryforward represents carryforward as of the end of the
last fiscal year, increased for losses deferred under tax accounting rules to
the current fiscal year and is increased or decreased by capital losses or gains
realized in the first six months of the current fiscal year. As of May 31, 2006,
it is estimated that the Fund will utilize $15,828,793 of capital loss
carryforward to offset realized capital gains. During the year ended November
30, 2005, the Fund utilized $63,414,765 of capital loss carryforward to offset
realized capital gains.
As of November 30, 2005, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
------------------------------
2009 $ 13,236,293
2010 110,808,862
2011 175,613,980
------------
Total $299,659,135
============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the six months ended
May 31, 2006, the Fund's projected benefit obligations were increased by $3,669
and payments of $13,331 were made to retired trustees, resulting in an
accumulated liability of $143,437 as of May 31, 2006.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer
33 | OPPENHEIMER INTERNATIONAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
funds selected by the Trustee. The Fund purchases shares of the funds selected
for deferral by the Trustee in amounts equal to his or her deemed investment,
resulting in a Fund asset equal to the deferred compensation liability. Such
assets are included as a component of "Other" within the asset section of the
Statement of Assets and Liabilities. Deferral of trustees' fees under the plan
will not affect the net assets of the Fund, and will not materially affect the
Fund's assets, liabilities or net investment income per share. Amounts will be
deferred until distributed in accordance to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income, which includes accretion of discount and amortization
of premium, is accrued as earned.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash over- drafts, to the extent they are not
offset by positive cash balances maintained by the Fund, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. At May 31, 2006, the Fund had $753 of such earnings on cash
balances available to offset future custodian fees or interest expenses incurred
during the next fiscal year.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect
34 | OPPENHEIMER INTERNATIONAL GROWTH FUND
the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported
amounts of income and expenses during the reporting period. Actual results could
differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
SIX MONTHS ENDED MAY 31, 2006 YEAR ENDED NOVEMBER 30, 2005 1
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------
CLASS A
Sold 7,895,164 $ 183,560,244 13,981,578 $ 271,359,569
Dividends and/or
distributions reinvested 231,092 4,968,472 203,071 3,746,661
Redeemed (7,277,719) (167,423,498) 2 (13,863,240) (266,106,785) 3
-----------------------------------------------------------------
Net increase 848,537 $ 21,105,218 321,409 $ 8,999,445
=================================================================
- -----------------------------------------------------------------------------------------------
CLASS B
Sold 940,982 $ 20,922,654 1,302,301 $ 23,985,553
Dividends and/or
distributions reinvested -- -- -- --
Redeemed (1,517,359) (33,703,401) 2 (2,793,027) (51,360,710) 3
-----------------------------------------------------------------
Net decrease (576,377) $ (12,780,747) (1,490,726) $ (27,375,157)
=================================================================
- -----------------------------------------------------------------------------------------------
CLASS C
Sold 1,115,903 $ 24,899,966 1,548,621 $ 28,511,932
Dividends and/or
distributions reinvested 3,708 76,385 -- --
Redeemed (856,387) (19,099,410) 2 (1,818,883) (33,479,017) 3
-----------------------------------------------------------------
Net increase (decrease) 263,224 $ 5,876,941 (270,262) $ (4,967,085)
=================================================================
- -----------------------------------------------------------------------------------------------
CLASS N
Sold 487,450 $ 11,199,207 807,614 $ 15,360,583
Dividends and/or
distributions reinvested 8,011 170,075 6,864 125,137
Redeemed (411,508) (9,340,913) 2 (820,678) (15,474,159) 3
-----------------------------------------------------------------
Net increase (decrease) 83,953 $ 2,028,369 (6,200) $ 11,561
=================================================================
- -----------------------------------------------------------------------------------------------
CLASS Y
Sold 8,586,509 $ 204,955,941 334,146 $ 6,835,178
Dividends and/or
distributions reinvested 5,850 125,371 -- --
Redeemed (36,665) (924,637) 2 (9,558) (198,299) 3
-----------------------------------------------------------------
Net increase 8,555,694 $ 204,156,675 324,588 $ 6,636,879
=================================================================
1. For the year ended November 30, 2005, for Class A, Class B, Class C and Class
N shares and for the period from September 7, 2005 (inception of offering) to
November 30, 2005, for Class Y shares.
2. Net of redemption fees of $4,406, $860, $901, $208, and $368 for Class A,
Class B, Class C, Class N and Class Y, respectively.
3. Net of redemption fees of $6,990, $1,588, $1,479, $325 and $20 for Class A,
Class B, Class C, Class N and Class Y, respectively.
35 | OPPENHEIMER INTERNATIONAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended May 31, 2006, were as
follows:
PURCHASES SALES
---------------------------------------------------------
Investment securities $278,624,465 $60,631,749
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
average annual rate as shown in the following table:
FEE SCHEDULE
-----------------------------------------------
Up to $250 million of net assets 0.80%
Next $250 million of net assets 0.77
Next $500 million of net assets 0.75
Next $1 billion of net assets 0.69
Over $2.0 billion of net assets 0.67
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the six months ended May 31, 2006, the Fund paid
$1,591,418 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000 per
annum for assets of $10 million or more. The Class Y shares are subject to the
minimum fees in the event that the per account fee does not equal or exceed the
applicable minimum fees. OFS may voluntarily waive the minimum fees.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.25% of the average annual net assets
of Class A shares of the Fund. The Distributor currently uses all of those fees
to pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
periods. Fees incurred by the Fund under the plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund
has adopted Distribution and Service Plans for Class B, Class C and Class N
shares to compensate the Distributor for its services in connection with the
distribution of those shares
36 | OPPENHEIMER INTERNATIONAL GROWTH FUND
and servicing accounts. Under the plans, the Fund pays the Distributor an annual
asset-based sales charge of 0.75% on Class B and Class C shares and 0.25% on
Class N shares. The Distributor also receives a service fee of 0.25% per year
under each plan. If either the Class B, Class C or Class N plan is terminated by
the Fund or by the shareholders of a class, the Board of Trustees and its
independent trustees must determine whether the Distributor shall be entitled to
payment from the Fund of all or a portion of the service fee and/or asset-based
sales charge in respect to shares sold prior to the effective date of such
termination. The Distributor's aggregate uncompensated expenses under the plan
at May 31, 2006 for Class B, Class C and Class N shares were $2,788,796,
$3,149,866 and $344,262, respectively. Fees incurred by the Fund under the plans
are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------------------
May 31, 2006 $222,729 $2,110 $112,866 $7,303 $7,865
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. During the six months ended May 31, 2006,
OFS waived $5,485 for Class N. This undertaking may be amended or withdrawn at
any time.
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into foreign
currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation or
depreciation.
37 | OPPENHEIMER INTERNATIONAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS Continued
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of May 31, 2006, the Fund had outstanding foreign currency contracts as
follows:
CONTRACT VALUATION
EXPIRATION AMOUNT AS OF MAY 31, UNREALIZED
CONTRACT DESCRIPTION DATE (000S) 2006 APPRECIATION
- -------------------------------------------------------------------------------------
CONTRACTS TO PURCHASE
British Pound Sterling (GBP) 6/1/06 2,080GBP $3,890,631 $25,626
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of May 31, 2006, investments in securities included issues that are illiquid
or restricted. Restricted securities are purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Trustees as reflecting fair value. A security may also be considered
illiquid if it lacks a readily available market or if its valuation has not
changed for a certain period of time. The Fund will not invest more than 10% of
its net assets (determined at the time of purchase and reviewed periodically) in
illiquid or restricted securities. Certain restricted securities, eligible for
resale to qualified institutional investors, are not subject to that limitation.
Securities that are illiquid or restricted are marked with the applicable
footnote on the Statement of Investments. Information concerning restricted
securities is as follows:
UNREALIZED
ACQUISITION VALUATION AS OF APPRECIATION
SECURITY DATES COST MAY 31, 2006 (DEPRECIATION)
- -----------------------------------------------------------------------------------------------------------
Art Advanced Research
Technologies, Inc. 6/19/01 $ 7,500,000 $ 1,121,862 $(6,378,138)
Ceres Group, Inc., $4.00 Cv., Series D 2/6/01-3/21/06 258,188 419,556 161,368
Ceres Group, Inc., Cv., Series C 1/6/99 2,400,000 3,900,000 1,500,000
Ceres Group, Inc., Cv., Series D 3/15/01-3/9/06 2,758,800 2,988,700 229,900
Marshall Edwards, Inc. 5/6/02 6,869,052 5,392,206 (1,476,846)
Oxagen Ltd. 12/20/00 2,210,700 17,541 (2,193,159)
------------------------------------------------
$ 21,996,740 $13,839,865 $(8,156,875)
================================================
- --------------------------------------------------------------------------------
7. SECURITIES LENDING
The Fund lends portfolio securities from time to time in order to earn
additional income. In return, the Fund receives collateral in the form of U.S.
Treasury obligations or cash, against the loaned securities and maintains
collateral in an amount not less than 100% of the market value of the loaned
securities during the period of the loan. The market value
38 | OPPENHEIMER INTERNATIONAL GROWTH FUND
of the loaned securities is determined at the close of business of the funds and
any additional required collateral is delivered to the Fund on the next business
day. If the borrower defaults on its obligation to return the securities loaned
because of insolvency or other reasons, the Fund could experience delays and
cost in recovering the securities loaned or in gaining access to the collateral.
Cash collateral is invested in cash equivalents. The Fund retains a portion of
the interest earned from the collateral. The Fund continues to receive the
economic benefit of interest or dividends paid on the securities loaned in the
form of a substitute payment received from the borrower. As of May 31, 2006, the
Fund had on loan securities valued at $41,101,039. Collateral of $43,380,521 was
received for the loans, all of which was received in cash and subsequently
invested in approved instruments.
- --------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) in the U.S. District Court for the
Southern District of New York on January 10, 2005 and was amended on March 4,
2005. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
Company Act of 1940 and at common law. The plaintiffs sought unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, as nominal defendants, and against certain present and former
Directors, Trustees and Officers of the funds, and the Distributor, as
defendants, were dismissed with prejudice, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.
The Manager believes that the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, the funds, the
Directors/Trustees or the Officers on the appeal of the decisions of the
district court, and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
39 | OPPENHEIMER INTERNATIONAL GROWTH FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
40 | OPPENHEIMER INTERNATIONAL GROWTH FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information on the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel that provide such services. The Manager's duties
include providing the Fund with the services of the portfolio manager and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing, and supervising
the activities of, all administrative and clerical personnel that are necessary
in order to provide effective corporate administration for the Fund; compiling
and maintaining records with respect to the Fund's operations; preparing and
filing reports required by the Securities and Exchange Commission; preparing
periodic reports regarding the operations of the Fund for its shareholders;
preparing proxy materials for shareholder meetings; and preparing the
registration statements required by Federal and state securities laws for the
sale of the Fund's shares. The Manager also provides the Fund with office space,
facilities and equipment.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took
41 | OPPENHEIMER INTERNATIONAL GROWTH FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
account of the facts that the Manager has had over forty years of experience as
an investment adviser and that its assets under management rank it among the top
mutual fund managers in the United States. The Board evaluated the Manager's
administrative, accounting, legal and compliance services, and information the
Board has received regarding the experience and professional qualifications of
the Manager's personnel and the size and functions of its staff. In its
evaluation of the quality of the portfolio management services provided, the
Board considered the experience of George R. Evans and the Manager's Global
investment team and analysts. Mr. Evans has had over 18 years of experience
managing global/international investments. The Board members also considered
their experiences with the Manager and its officers and other personnel through
their service as directors or trustees of the Fund and other funds advised by
the Manager. The Board considered information regarding the quality of services
provided by affiliates of the Manager, which it also reviews at other times
during the year in connection with the renewal of the Fund's service agreements.
In light of the foregoing, the Board concluded that the Fund benefits from the
services provided under the Agreement as a result of the Manager's experience,
reputation, personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each Board meeting, including comparative performance information.
The Board also reviewed information, prepared by the Manager and by the
independent consultant, comparing the Fund's historical performance to relevant
market indices and to the performance of other international multi-cap growth
funds advised by the Manager and by other investment advisers. The Board noted
that the Fund's one-year and three-year performance were better than its peer
group average. However its five-year performance was below its peer group
average.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to those of other clients or accounts advised by the Manager. The
independent consultant provided comparative data in regard to the fees and
expenses of the Fund, other international multi-cap growth and international
multi-cap core funds and other funds with comparable asset levels and
distribution features. The Board noted that the Fund's contractual and actual
management fees and total expenses were all lower than its peer group median and
average.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, to what extent
those
42 | OPPENHEIMER INTERNATIONAL GROWTH FUND
economies of scale benefit the Fund shareholders and the current level of Fund
assets in relation to the Fund's breakpoint schedule for its management fees.
The Board noted that the Fund's breakpoints are intended to share economies of
scale that may exist as the Fund grows with its shareholders.
PROFITS AND OTHER BENEFITS TO THE MANAGER. The Board considered
information regarding the Manager's costs in serving as the Fund's investment
adviser, including the costs associated with the personnel and systems necessary
to manage the Fund, and information regarding the Manager's profitability from
its relationship with the Fund. The Board considered that the Manager must be
able to pay and retain experienced professional personnel at competitive rates
to provide services to the Fund and that maintaining the financial viability of
the Manager is important in order for the Manager to continue to provide
significant services to the Fund and its shareholders. In addition to
considering the profits realized by the Manager, the Board considered
information regarding the direct and indirect benefits the Manager receives as a
result of its relationship with the Fund, including compensation paid to the
Manager's affiliates for services provided and research provided to the Manager
in connection with permissible brokerage arrangements (soft dollar
arrangements).
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
43 | OPPENHEIMER INTERNATIONAL GROWTH FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to semiannual reports.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to semiannual reports.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to semiannual reports.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Governance Committee (the "Committee") will evaluate potential
Board candidates to assess their qualifications. The Committee shall have
the authority, upon approval of the Board, to retain an executive search
firm to assist in this effort. The Committee may consider recommendations
by business and personal contacts of current Board members and by
executive search firms which the Committee may engage from time to time
and may also consider shareholder recommendations. The Committee may
consider the advice and recommendation of the Funds' investment manager
and its affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met
by a trustee nominee. In evaluating trustee nominees, the Committee
considers, among other things, an individual's background, skills, and
experience; whether the individual is an "interested person" as defined in
the Investment Company Act of 1940; and whether the individual would be
deemed an "audit committee financial expert" within the meaning of
applicable SEC rules. The Committee also considers whether the
individual's background, skills, and experience will complement the
background, skills, and experience of other nominees and will contribute
to the Board. There are no differences in the manner in which the
Committee evaluates nominees for trustees based on whether the nominee is
recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates
to present to the Board and, in such cases where required, to
shareholders. Recommendations for trustee nominees should, at a minimum,
be accompanied by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in
a proxy statement concerning the person if he or she was nominated;
and
o the name and address of the person submitting the recommendation
and, if that person is a shareholder, the period for which that
person held Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under
the Investment Company Act of 1940. In addition, certain other
relationships with Massachusetts Mutual Life Insurance Company or its
subsidiaries, with registered broker-dealers, or with the Funds' outside
legal counsel may cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving
as a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 05/31/2006, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer International Growth Fund
By: /s/ John V. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: 07/13/2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: 07/13/2006
By: /s/ Brian W. Wixted
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: 07/13/2006